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Chicago & Midwest  + North Side  + Apartments  | 

New-Build Old Town Apartments Trade in 1031 Deal

Essex Realty Group has arranged the $24.5-million sale of The Northland Apartments at 1550 N. Wieland St. in Chicago’s Old Town neighborhood. Completed in 2018, The Northland is a luxury boutique building with 60 apartments and one restaurant, Two Lights Seafood & Oyster.

The seller, local developer JAB Real Estate, used the Transit Oriented Development (TOD) zoning, given the property’s close proximity to the Sedgwick “L” station.

“This development not only adds high-end, new rental units in a neighborhood that has extremely high demand and very low supply, but it also adds appealing new retail tenant that serve the area,” said Essex Realty principal Jim Darrow.

Darrow and Jordan Gottlieb represented JAB in the sale, working with Essex partner Kate Varde, who represented an out-of-state buyer entering a reverse 1031 exchange.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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